title sent to me by mistake

oct1285 · 01-01-2010, 10:01 PM

So I recently bought a car from an individual. He gave me the title and I transferred it in my name and to a Texas title ( it was a out of state title to begin with.) On the title application I wrote down my bank's information on it because it has a lien on it. Yesterday I got something in the mail from the department of transportation, inside was a blue title with my name on it. This document has no lien holder listed and as far as I can tell is a legitimate document (water marks) Also I was told texas is NOT a non title holding stat

Question is what do I do? Send it back and get another title sent to the bank? I don't think I can get a free car out of this as I signed a loan contract, but i thought I'd ask to see if anyone here as some insight.

Georgeair · 01-01-2010, 11:15 PM

The title and loan document stand separately, so you don't get a free car. Sorry.

The bank may well figure out the mistake and ask for a do-over, or they may not. I'd probably wait on them after reading my loan document carefully to understand my obligations to initiate/ensure proper lienholder status.

Also, be aware that most loans will require complete payoff in the even of a sale or any transfer of title, so don't get any crazy ideas about doing anything "cute" such as selling to your spouse for $1, etc.

M3Alpine · 01-02-2010, 04:50 PM

same thing happened to me back in 04 when i bought my e46 frm a private party. I just held onto it !

provenflipper · 01-02-2010, 10:22 PM

Depends on the bank. This happened to me before in the past, and the bank asked me to send in the title or they would change the loan to a non-secured loan.

Bdez · 01-02-2010, 10:40 PM

Assuming you are a copper from your signature – wouldn’t you do what was legally and ethically right and if required rectify whoever’s mistake it was?

oct1285 · 01-02-2010, 10:48 PM

Quote:

Originally Posted by bdh2009

Assuming you are a copper from your signature – wouldn’t you do what was legally and ethically right and if required rectify whoever’s mistake it was?

I was always going to, just wanted to see what others had to say. I'm an american, i can't think on my own.

Vinja · 01-03-2010, 02:35 PM

Quote:

Originally Posted by bdh2009

Assuming you are a copper from your signature – wouldn’t you do what was legally and ethically right and if required rectify whoever’s mistake it was?

Sounds like Military to me, But what would I know?
Just make sure your bank knows about it.

01-01-2010, 10:01 PM	#1
oct1285 Captain 56 Rep 608 Posts Drives: Out of warranty Join Date: Dec 2006 Location: TX iTrader: (4)	title sent to me by mistake So I recently bought a car from an individual. He gave me the title and I transferred it in my name and to a Texas title ( it was a out of state title to begin with.) On the title application I wrote down my bank's information on it because it has a lien on it. Yesterday I got something in the mail from the department of transportation, inside was a blue title with my name on it. This document has no lien holder listed and as far as I can tell is a legitimate document (water marks) Also I was told texas is NOT a non title holding stat Question is what do I do? Send it back and get another title sent to the bank? I don't think I can get a free car out of this as I signed a loan contract, but i thought I'd ask to see if anyone here as some insight.
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01-01-2010, 11:15 PM	#2
Georgeair Captain 80 Rep 803 Posts Drives: '08 Melbourne E92 M3 Join Date: Apr 2009 Location: Madison, MS iTrader: (2)	The title and loan document stand separately, so you don't get a free car. Sorry. The bank may well figure out the mistake and ask for a do-over, or they may not. I'd probably wait on them after reading my loan document carefully to understand my obligations to initiate/ensure proper lienholder status. Also, be aware that most loans will require complete payoff in the even of a sale or any transfer of title, so don't get any crazy ideas about doing anything "cute" such as selling to your spouse for $1, etc. __________________ Objects in mirror are slower than they appear.
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01-02-2010, 04:50 PM	#3
M3Alpine Lieutenant Colonel 52 Rep 1,510 Posts Drives: M4 AW/SO Join Date: Feb 2006 Location: Central NJ iTrader: (11)	same thing happened to me back in 04 when i bought my e46 frm a private party. I just held onto it !
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01-02-2010, 10:22 PM	#4
provenflipper Private First Class 106 Rep 144 Posts Drives: Garage is currently empty Join Date: Jun 2007 Location: Inland Empire, CA iTrader: (0)	Depends on the bank. This happened to me before in the past, and the bank asked me to send in the title or they would change the loan to a non-secured loan.
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01-02-2010, 10:40 PM	#5
Bdez Private First Class 3 Rep 165 Posts Drives: E92 M3 Jerez & Fox & X5 3.0d Join Date: Feb 2008 Location: Brisbane iTrader: (0)	Assuming you are a copper from your signature – wouldn’t you do what was legally and ethically right and if required rectify whoever’s mistake it was?
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